Stuff About Money They Didn't Teach You In School

By: Erik Garcia CFP® Xavier Angel
Listen for free

  • Summary

  • They might not have taught you the stuff about money you needed to know to build wealth, but Xavier and Erik are ready to take you back to school. When it comes to money, it is never too late to start learning.
    2021
    Show more Show less
Episodes
  • Episode 69: From Business to Household CFO: Financial Wisdom with Carey Wallace

    Episode 69: From Business to Household CFO: Financial Wisdom with Carey Wallace
    Jul 30 2024
    In this episode of the "Stuff About Money" podcast, host Erik Garcia, CFP®, BFA, ChFC®, welcomes Carey Wallace, a Fractional CFO for independent insurance agency owners. They explore the crucial role of a Household CFO and discuss how the financial strategies Carey uses in her professional life can be adapted for managing household finances. Carey shares her expertise on topics such as the power of compound interest, the differences between business and personal financial management, and the emotional aspects of personal finance. Join Erik and Carey as they offer practical advice and strategies to improve your financial literacy and stability, whether you're a business owner or simply looking to better manage your household budget. This episode is packed with valuable insights to help you create effective financial plans, balance your budget, and make informed decisions to secure your financial future. Don’t miss this opportunity to learn from Carey's wealth of experience and knowledge. Episode Highlights: Carey discusses her personal experience with money, expressing regret over not learning about the power of compound interest earlier. (3:35) Carey mentions that she helps business owners plan for the future, including financial decisions that impact their personal lives. (10:57) Carey shares insights on household CFO roles, including defining, explaining, negotiating, and defending financial goals. (17:55) Erik and Carey discuss the potential conflicts that arise when no one takes on the role of household CFO, leading to overspending and disagreements. (25:48) Carey emphasizes the importance of focusing on the bottom line in business, rather than the middle or the ones in between. (31:36) Erik mentions that he values accountability in his financial advisor relationship. (46:01) Carey discusses the importance of understanding a client's financial goals and values. (47:45) Carey emphasizes the importance of seeking help in both business and personal life. (52:15) Key Quotes: “I can help you with all of those financial decisions that go into building the future you want for your business.” - Carey Wallace “The core of what I do is to make sure that their business has value, right? And so, it's not about helping them make decisions, it's about helping them weigh all the options and understand the information to then lead them to make the decision that makes the most sense.” - Carey Wallace Resources Mentioned: Carey Wallace AgencyFocus Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
    Show more Show less
    55 mins
  • Episode 68: How to Maximize the Value of Your Insurance Agency

    Episode 68: How to Maximize the Value of Your Insurance Agency
    Jul 16 2024
    As business owners, the majority of our net worth is tied to the value of our business. What steps should we take today to maximize this value for a future sale? In this episode of the Stuff About Money podcast, host Erik Garcia, CFP®, BFA™, ChFC®, sits down with tax attorney David Foate JD, LLM, to explore practical advice on preparing your business for a successful sale. David specializes in the buying and selling of agencies and shares his extensive experience with our listeners on how to increase the saleability and value of their agencies. Episode Highlights: David shares his background in tax law and his focus on succession planning for business owners. (01:04) David discusses the financial burdens of student loans and the wisdom of financial pacing. (05:20) Erik shares the key strategies to enhance an agency’s value before selling. (10:04) David explains the legal and financial preparations necessary for selling an agency. (13:57) Erik discusses the importance of understanding why one wants to sell and the preparation timing. (18:14) Erik mentions that a strong management team and advisory board are important for business operations. (27:50) David discusses the significance of clean financial records and the benefits of having a qualified bookkeeper. (38:17) David elaborates on legal strategies for structuring producer agreements and the risks associated with revenue sharing. (45:26) Erik discusses the emotional challenges of selling a business, noting the difficulty of separating from something so integral to one's identity. (56:27) Key Quotes: “Tax law, tax planning, a lot of M&A work, it's very tax heavy. So that's where I spend a lot of my time day-to-day with my clients.” - David Foate, JD, LLM “The better prepared you can be, the better the outcome, just mentally, emotionally, and then the final deal result, everything will just be better.” - David Foate, JD, LLM Resources Mentioned: David Foate, JD, LLM PFS Global Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
    Show more Show less
    1 hr and 1 min
  • Episode 67: Build Lasting Financial Security: Embrace These 3 Essential Habits

    Episode 67: Build Lasting Financial Security: Embrace These 3 Essential Habits
    Jul 2 2024
    What does it mean to achieve financial security? Is it having a certain dollar amount in the bank or the ability to maintain your desired lifestyle no matter what happens? Erik Garcia (CFP®, BFA™, ChFC®) shares the three habits he believes are essential for building financial security in this episode. While the path to financial security may seem simple, it's not easy to achieve. In this solo episode of the Stuff About Money podcast, Erik will explore these habits further and explain how you can take control of your financial future. By cultivating these key practices, you can set yourself up for lasting wealth and peace of mind. Episode Highlights: Erik introduces the concept of solo episodes aimed at exploring topics in-depth. He outlines the focus of this episode on three crucial habits for financial security, emphasizing their simplicity in concept but difficulty in practice. (01:13) Erik discusses the importance of defining what financial security means personally, highlighting the concept of "enough" in terms of income, savings, and investment for peace of mind. (03:04) Erik breaks down the first habit: spending less than one earns to avoid debt and financial strain. He explains the challenges posed by societal pressures and the need for disciplined budgeting. (05:48) The second habit involves saving diligently. Erik encourages building wealth through consistent savings, discussing various strategies for effective financial management. (06:51) Addressing the third habit, Erik advises against making foolish financial decisions. He stresses the importance of aligning expenditures with personal values to prevent wasteful spending. (07:36) Erik concludes with encouragement for listeners to apply these habits incrementally to foster financial security, inviting them to engage further through consultations with him and Xavier. (10:53) Key Quotes: “If I do less foolish things and more wise things, less foolish decisions with my money and more wise decisions with my money, that's going to put me in a position to have a fighting chance to build financial security.” - Erik Garcia, CFP®, BFA “Save as much as you can. This is where you really benefit from working with a financial advisor or financial planner.” - Erik Garcia, CFP®, BFA Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
    Show more Show less
    13 mins
Economics Personal Finance
Show more Show less

What listeners say about Stuff About Money They Didn't Teach You In School

Average customer ratings

Reviews - Please select the tabs below to change the source of reviews.

Audible.com reviews

Amazon reviews
No Reviews are Available